Piedmont Office Realty Trust Declares Dividend And Reports Quarterly Financial Results
ATLANTA, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of primarily Class A properties located predominantly in the ten largest U.S. office markets, today declared its third quarter 2010 dividend in the amount of $0.315 per share and announced its results for the quarter ended June 30, 2010.
Donald A. Miller, CFA, President and Chief Executive Officer, stated, "Our ongoing focus on leasing is evident as we increased activity during the quarter while slightly increasing our occupancy and adding to our roster of high quality tenants. The overall office market remains challenging, but we believe we are well-positioned with high quality assets and a strong, low-leverage balance sheet. In this environment, we continue to control what we can and have kept a tight rein on property operating costs. We plan to remain patient and disciplined with regard to acquisitions, but intend to take advantage of market opportunities to enhance our presence in key strategic markets."
DividendOn August 10, 2010, the board of directors of Piedmont declared dividends for the third quarter 2010 in the amount of $0.315 per share on all classes of outstanding common shares of Piedmont to stockholders of record for such shares as shown on the books of Piedmont as of the close of business on September 15, 2010. Such dividends are to be paid on September 22, 2010. Results for the Second Quarter ended June 30, 2010 All prior period per share amounts have been retroactively restated to reflect the stockholder-approved recapitalization of our common stock and current period per share amounts reflect the issuance of 13.8 million shares of common stock in our recent public offering. Both the recapitalization and issuance of stock occurred during the first quarter of 2010. Piedmont's net income available to common stockholders was $19.6 million, or $0.11 per diluted share, for the second quarter of 2010, compared with $28.0 million, or $0.18 per diluted share for the second quarter of 2009. Excluding the previously announced $9.6 million impairment charge associated with adjusting the 111 Sylvan Avenue property to estimated fair value in anticipation of a sale, net income available to stockholders would have been $29.2 million, or $0.17 per diluted share, in the second quarter of 2010. Funds from Operations (FFO) for the quarter totaled $56.6 million, or $0.33 per diluted share. Core Funds from Operations (which excludes the impairment charge associated with the 111 Sylvan Avenue property) totaled $66.2 million, or $0.38 per diluted share which reflects approximately $.035 in dilution related to the issuance of 13.8 million shares of common stock during first quarter of 2010 when compared to $68.5 million, or $0.43 per diluted share, in Core Funds from Operations that was earned during the second quarter of 2009. Adjusted FFO (AFFO) in the second quarter totaled $52.0 million, or $0.30 per diluted share, as compared to $59.4 million, or $0.38 per diluted share, in the second quarter of 2009.
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